A set $S$ of vertices of a graph $G$ is exponentially independent if, for every vertex $u$ in $S$, $$\sum\limits_{v\in S\setminus \{ u\}}\left(\frac{1}{2}\right)^{{\rm dist}_{(G,S)}(u,v)-1}<1,$$ where ${\rm dist}_{(G,S)}(u,v)$ is the distance between $u$ and $v$ in the graph $G-(S\setminus \{ u,v\})$. The exponential independence number $α_e(G)$ of $G$ is the maximum order of an exponentially independent set in $G$. In the present paper we present several bounds on this parameter and highlight some of the many related open problems. In particular, we prove that subcubic graphs of order $n$ have exponentially independent sets of order $Ω(n/\log^2(n))$, that the infinite cubic tree has no exponentially independent set of positive density, and that subcubic trees of order $n$ have exponentially independent sets of order $(n+3)/4$.